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Internet Gambling Taxes Would Mean Big Money for U.S., Study Shows

by Peter Mychalcewycz on February 26, 2009 at 05:56 PM


A new study has found that the United States would make $52 billion over the next decade if lawmakers decided to lift a three-year ban on Internet gambling and tax the maligned industry.

The study, prepared by accounting firm PricewaterhouseCoopers, may prove to be laying the groundwork for the repeal of the 2006 Unlawful Internet Gambling Enforcement Act, a generally ineffective piece of legislation that attempted to kill off online gaming in the States. According to Reuters, the act stipulates that no business can knowingly accept "payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic fund transfers and checks." Online gambling has actually grown since the law was implemented, so it's not exactly working out as planned.

We think it may be time for the government to accept that Internet gambling is a legitimate, if sometimes destructive, industry. The prospected $52 billion in new funds for the country couldn't hurt either, especially these days. [From: Reuters]

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Tags: economiccrisis, gambling, government, illegal, internet gambling, InternetGambling, online gambling, OnlineGambling, taxes, top

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